Kipeto reaches financial close after Actis acquires equity

0
545
Actis
PHOTO/COURTESY: ACTIS

Kipeto Energy Limited on Monday announced it had reached financial close after leading growth markets investor Actis acquired equity from International Finance Corporation (IFC) and African Infrastructure Investment Managers’ (AIIM).

Following the acquisition, Actis will now fund 88 per cent of the proposed Kipeto Wind Power Project which is slated to be the second largest wind power venture in the country. The remaining 12 per cent will be funded by Kenyan based company Craftskills Wind Energy International.

Commenting on the development, Ms. Lisa Pinsley; the Director of Energy Business at Actis, thanked both IFC and AIIM for their earlier works on the project.

“We are excited about taking the Kipeto project forward and we are committed to maintaining the highest level of standards drawing on our 70 years of investing responsibly in Africa,” Ms. Pinsley said in a statement.

“The project will not only contribute significantly to the Government’s Vision 2030 agenda but will also have a positive impact on the local community through the creation of jobs.”

Similarly, representatives from both IFC and AIIM expressed complete confidence in Actis’ ability to guide the project through its next stage of growth.

The Kipeto project was originally conceived by Craftskills Wind Energy International, with support from General Electric (GE). AIIM and IFC co-developed the project with Craftskills from 2014 until early 2018.

Once operational, the Kipeto Wind Power project; which is located in Kajiado County, will supply 100MW of clean energy to the national grid in the process contributing to Kenya’s Big Four Agenda.

The project is at the moment preparing for the construction of 60 GE 1.7-103 wind turbines and a 17km transmission line to carry the power to a substation in Isinya, Kajiado. This will provide power to approximately 40,000 homes in the region.

It is anticipated that more than 400 job opportunities will be created during the construction phase of the project and an additional 70 permanent jobs during the operational phase.

LEAVE A REPLY

Please enter your comment!
Please enter your name here